A fuel cell is a device which converts the energy of a chemical reaction between a fuel and oxidant directly into low-voltage, direct current electricity. In order to have an efficient fuel cell it is necessary that the reactions of the fuel and oxidant occur in such manner that the amount of energy degraded into heat is as small as possible. It is also necessary that the reaction rate of the cell be high enough to produce economically sufficient current from a cell of practical size. It has been found that the presently most efficient and commercially viable fuel cells are those utilizing a phosphoric acid electrolyte which are operated at temperatures in the range of from about 200.degree. C. As a result, substantial effort has been expended in providing electrocatalysts for use in either the anode or cathode of the phosphoric acid electrolyte fuel cell in order to accelerate the reactions occurring at the electrodes of the cell. Efforts have also been made to reduce the amount of noble metal catalyst, i.e., platinum, loading in the electrodes of a fuel cell. Additional improvements in phosphoric acid fuel cell performance have been achieved by reducing iR and diffusion losses in the cell. Thus, in the time frame of 1965 to 1976 the noble metal catalyst loadings in a fuel cell cathode was reduced from about 20 mg/cm.sup.2 to 0.75 mg/cm.sup.2 of active cell area. During the same period of 1965 to 1976 substantial improvements have resulted from technological or engineering improvements, not specifically related to electrocatalysts. In the time period of 1976 to the present substantial improvements in the activity and stability of the fuel cell cathode have been demonstrated by using highly dispersed platinum alloys as described, for example, by Jalan in U.S. Pat. Nos. 4,186,110; 4,192,907, and 4,137,373. According to those patents it has been determined that binary alloys such as platinum-vanadium were five times more active than platinum on a specific activity basis. Additionally, increased activity and stability have been demonstrated in platinum-carbon electrocatalysts. In order to provide greater viability in a commercial fuel cell, it is necessary to provide a greater improvement in the activity, stability, and cost of electrocatalysts so as to provide a fuel cell where the cost per rated power is reduced.